Binance NFT Marketplace adds support for the Polygon blockchain

Currently, only Polygon-based ERC-721 tokens are available on the platform

08.03.2023 - 15:30

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What’s new? The marketplace of non-fungible tokens (NFTs) of the Binance exchange has announced the inclusion of Polygon as a supported blockchain. Currently, only selected NFT collections of the ERC-721 standard on the Polygon network are available on the marketplace, their number will gradually increase. NFTs based on Ethereum and BNB Smart Chain blockchains are also available to users of the Binance Marketplace.

Announcement on the Binance blog

What else does the Binance blog say? Binance NFT users can buy, deposit, and withdraw non-fungible Polygon-based tokens. Customers must have native blockchain tokens, MATIC, in their crypto wallets to trade and withdraw.

What is known about Polygon? It is a network of secure Layer 2 (L2) solutions and sidechains based on the Ethereum blockchain for scaling and reducing network load and transaction fees. It also allows the creation of DeFi services. As of March 8, 15:20 UTC, MATIC ranks 10th in the cryptocurrency raking with a capitalization of $9,95 billion and is trading at $1,1, down by 2,68% in 24 hours.

Binance and NFTs. On December 12, the marketplace launched staking of NFT collections of the ApeCoin (APE) ecosystem with daily rewards. It includes the Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) collections. Users can choose either a flexible lock-in period or a fixed period of 30, 60, or 90 days.

On March 1, the exchange launched a service for creating NFT using AI called Bicasso. The neural network can generate a picture and a token based on an image or a text description. The beta limit of 10 000 generations was reached 2,5 hours after the launch. The next day, famous Korean designer Cho Young-hwi said that Bicasso is a copy of his development of Chatcasso, which won first place in the hackathon organized by Binance in December.

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